ZebPay created an Infographic comparing Bitcoins with other services to find out the costs to send $500 from USA to India. Zebpay is here comparing Bitcoin with Western Union, ICICI Bank (Money2India), MoneyGram and Wells Fargo!
Bitcoin, USA to India!
All the mentioned prices now on will be based on the Bitcoin price on 14th Oct 2016. For this example, we are using Circle to buy Bitcoins from US and Zebpay to Sell Bitcoins in India.
Buying Bitcoins from the USA.
So, Circle allows you to buy Bitcoins using Debit cards with zero fees.
Price of 1 BTC on Circle: $646.2 (~ ₹43,124.16).
Let us say the user buys for $646.4 so that the few extra bits (~200) from that purchase can be used as the bitcoin network fees.
Total = $646.4 (~₹43,140)
Selling Bitcoin in India
After buying the bitcoins, the user sends it to his/her Zebpay bitcoin address.
The selling price of 1 BTC on Zebpay: ₹43,661 (~ $654.22)
Withdrawal fees, ₹10.
So ₹43,661 – ₹10 = ₹43,651.
Finally, ₹43,651 – ₹43,140 = ₹511.
The user sells the Bitcoins purchased in the US for the profit of ₹511 ($7.66) in India.
So by this, we can conclude that even if there were some fees associated with buying bitcoins in the US, the user would cover the costs as he’s selling bitcoins for profit in India.
About the Company
It’s India’s first app-enabled bitcoin wallet provider headquartered in Singapore with IT office in Ahmedabad, Gujarat, India. Who launched the simplest mobile Bitcoin wallet app that enables bitcoin transactions using the mobile number without any complexities to understand bitcoin addresses, taking backups or fear of losing bitcoins. Using Zebpay’s wallet app, users can buy, sell, store and spend bitcoin using the mobile number and a 4-digit pin.
The company was founded by Mahin Gupta in late 2012 under the name Buysellbitco.in and then later rebranded as ZebPay in September 2014.